The new LP OxoSM unit, with a capacity of 85,000 metric tons of 2-ethylhexanol, 235,000 metric tons of normal butanol and 33,000 metric tons of iso-butyraldehyde on a yearly basis, will adopt JM Davy and Dow's LP OxoSM SELECTORSM 10 Technology with advanced liquid phase hydrogenation which features a high conversion of propylene to alcohols, low capital investment and easy operation.

PetroChina enjoys a long history of cooperation with JM Davy & Dow and their predecessors in the field of oxo alcohols licensing, whose first technology licensing project can be traced back to Petrochina Daqing project which started up in Heilongjiang province in 1986. At that time, JM Davy, in collaboration with Dow, licensed PetroChina Daqing Petrochemical Company a ~90kta Butanol and 2EH plant, which was later retrofitted and expanded. In addition to the Daqing projects, JM Davy & Dow's LP OxoSM Technology has been licensed to Petrochina projects in Jilin and Chengdu.

"LP OxoSM SELECTORSM Technology provides remarkable advantages such as low feedstock and energy requirements and significant savings in capital investment. We have every confidence that it will continue to perform strongly in the Jieyang project as it has in other Petrochina projects." said Faye Miller, Licensing Commercial Director, Oxygenated Solvents business, Dow.

"We are honoured PetroChina Guangdong Petrochemical Company has selected LP OxoSM Technology for one of the largest grass root oxo alcohol plant in the world" said Antoine Bordet, Managing Director of JM Davy. "This sixth LP Oxo licence with a PetroChina group company endorses JM Davy and Dow's long term commitment in providing best in class oxo alcohols technology to our customers. The combination of advanced technology and leading world scale capacity will bring significant benefits to PetroChina Guangdong Petrochemical Company and we are immensly proud to be associated with this important project."

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About LP OxoSM Technology

LP OxoSM Technology is a low-pressure hydroformylation process that is most commonly used with propylene and synthesis gas (a mixture of hydrogen and carbon monoxide) to produce normal- and isobutyraldehydes. These butyraldehydes are then converted into 2-ethylhexanol (2-EH) and normal- and isobutanol. Additional applications of the LP OxoSM Technology include a process for producing 2- propyl heptanol, a growing plasticizer alcohol alternative to 2-EH, from mixed butene streams and a process for producing C12 to C15 surfactant range alcohols from C11 to C14 Fischer-Tropsch olefins. The technology is also applied as a component of a process plant for converting heptene-1 that has been extracted from Fischer-Tropsch products to co-monomer grade octene-1. In 2011, JM Davy and Dow celebrated their 40th anniversary in collaborating in the field of LP OxoSM Technology development and licensing. Over the course of those 40 years, JM Davy, Dow and their predecessors have licensed the LP OxoSM Technology into 52 projects at 40 plants in 15 countries on four continents.

About JM Davy

JM Davy has a global business in petrochemicals technology development and technology licensing. The company has its headquarters in London and has a Technology Centre in Teesside, UK. It owns a range of proprietary process technologies such as methanol, Fischer-Tropsch, SNG, butanediol, natural detergent alcohols, Oxo alcohols, PTA, industrial amines, ethyl acetate and propylene glycol.

About PetroChina

PetroChina Company Limited ("PetroChina") is the largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China. It is not only one of the companies with the biggest sales revenue in China, but also one of the largest oil companies in the world. PetroChina was established as a joint stock company with limited liabilities by China National Petroleum Corporation under the Company Law and the Special Regulations on the Overseas Offering and Listing of Shares by Joint Stock Limited Companies on November 5th, 1999.

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2012, Dow had annual sales of approximately $57 billion and employed approximately 54,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 36 countries across the globe.